Amgen Seeing Muted Upside Potential for Drug Pipeline, Truist Says
Amgen's stock price has dropped, analysts warn that the speculation on weight loss drugs has already been digested by the market.
Amgen Inc.'s stocks fell on Monday after an analyst no longer holds a bullish view on this biotechnology giant, citing concerns that investor optimism about a candidate obesity drug has been reflected in the stock price, with more downside risks than upside opportunities. Truist analyst Srikripa Devarakonda downgraded the stock from buy for the past 11 months to hold. However, she raised the target price from $320 to $333, but the new target price is only 1.4% higher than last Friday's closing price. The stock traded down 1.1% in pre-market trading, following a rise last Friday
Amgen Stock Falls. The Obesity Drug Landscape Is Getting Crowded.
Amgen Analyst Ratings
After eight weeks of selling off, the hedge fund bought back US stocks, achieving the fastest speed since 2021.
The US stock market is currently experiencing active buying and market growth, but the market's high valuation is a concerning issue that may trigger future adjustments.
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